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- Based on Aaron McDonald, all rXRP tokens on the Root Community are backed 1:1 by XRP.
- McDonald defined that the challenge is consolidating accounts to make it simpler to trace.
- The Futureverse CEO promised to launch a extra formal report on the subject.
Based on Aaron McDonald, the founder and CEO of Futureverse, developer of The Root Community, all rXRP tokens on the Root Community are backed 1:1 by XRP tokens on the XRP Ledger (XRPL). He famous this in a submit on X (previously Twitter) whereas responding to a consumer who sought clarification over the latest airdrop by The Root Community.
The consumer, Thomas Silkjaer, requested how the community distributed 360,000 tokens when the XRPL bridge account had solely ever obtained about 48,000 XRP. Silkjaer additionally requested how The Root Community might have a complete XRP stability of 680,000.
In his response, McDonald defined that the challenge has had a number of iterations of bridging processes and accounts throughout the improvement of the community, particularly throughout the pre-public launch part. Based on him, all rXRP tokens are backed 1:1 by XRPL XRP within the challenge’s vault accounts.
McDonald defined that the challenge is an ongoing consolidation of accounts that might make it simpler to trace and extra clear, noting that it is among the causes the VORTEX can’t be unwound proper now. He promised to launch a extra formal report on the subject and guaranteed customers that each one funds are protected utilizing the “Safe Asset Fund for Customers (SAFU)” mannequin.
The Root Community is a decentralized blockchain integrated with the XRP Ledger DEX. It runs a dual-token system by utilizing ROOT for safety and governance, and XRP for fuel charges. The challenge just lately awarded over 602,000 Vortex tokens, with the Vortex containing 362,000 XRP and 4.7 million ROOT to these securing The Root Community as a part of its airdrop marketing campaign.
Based on these behind the challenge, anybody can use ROOT tokens to take part within the staking course of that helps to safe the community. By staking, customers change into eligible to obtain Vortex tokens as reward for participation.
Disclaimer: The data introduced on this article is for informational and academic functions solely. The article doesn’t represent monetary recommendation or recommendation of any type. Coin Version just isn’t liable for any losses incurred because of the utilization of content material, merchandise, or companies talked about. Readers are suggested to train warning earlier than taking any motion associated to the corporate.